Correspondent in Asia
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Jack Ma has found his clone, and that's not good news for Alibaba.
The meteoric progress of the young rival Pinduoduo (PDD) led by the discreet Huang Zheng led the founder of the Chinese e-commerce juggernaut to break his silence in November.
“I must congratulate PDD for their decisions and efforts,”
wrote a playful Ma, as the market capitalization of the group that owns Temu followed that of the Alibaba empire.
A month later, challenger PDD even temporarily overtook the group founded by China's best-known entrepreneur, with a value of $195 billion.
The rivals are now neck and neck on Wall Street, while PDD is inexorably eating away market share in China from number one Alibaba and its runner-up JD.com.
A breathtaking rise for a group founded only in 2015, in Shanghai, by the son of a worker who worked for Google.
He embodies a new generation of “serial entrepreneurs”…
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